People familiar with the matter: Financial giant PayPal will offer customers the ability to buy and sell cryptocurrencies directly

Financial technology giant PayPal plans to sell cryptocurrencies directly to its 325 million users, according to three people familiar with the matter, According to Coindesk.Currently, PayPal can be used as a way to withdraw money from trading platforms such as Coinbase, but if true, it would be the first time it has offered cryptocurrency directly to usersPurchase services.

"My understanding is that they will allow buying and selling cryptocurrencies directly from PayPal and Venmo," said one senior industry source. "They will have some kind of built-in wallet function, so you can store it [cryptocurrency] there." It is not clear which cryptocurrencies or how many are available. Industry sources say they expect A PayPal  NBSP; NBSP; "It will work with a number of trading platforms to access liquidity."

Another source confirmed that PayPal is looking to offer encrypted buying and selling and said the service could be launched "in the next three months, maybe sooner." PayPal  He declined to comment on the plan.

SAN Francisco-based cryptographic trading platform Coinbase and Luxembourg-based Bitstamp have been suggested as possible rivals. Coinbase and Bitstamp declined to comment.

It's worth noting that PayPal had a long-term relationship with Coinbase back in 2016. In 2018, Coinbase gave U.S. customers instant access to PayPal. Coinbase users in Europe were able to withdraw money from their PayPal accounts last year, followed by users in Canada.

Meanwhile, fintech apps that offer cryptocurrency transactions are making money. Square, the payment unicorn launched by Twitter chief Executive Jack Dorsey, launched bitcoin purchases in its Cash App in mid-2018. The Cash App reported $306 million in bitcoin revenue in its most recent earnings report.

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London-based Revolut has begun offering encryption to its users after partnering with Bitstamp in 2017. In February, the company raised $500m, valuing the platform at $5.5bn. The fintech app Robinhood is credited with driving the recent retail boom in daily stock trading. The service should be used for the first time in February 2018.

Increasingly, the encryption market is seen as an obvious way to increase the number of users of fintech applications and create new revenue streams. In fact, Dan Schulman, the chief executive of PayPal, has made it clear that his plan this year is to aggressively cash in on Venmo, which has more than 52 million accounts.

Around the beginning of 2020, PayPal announced a number of job openings to expand its new blockchain research team. Following a brief partnership with Facebook-led Libra project last year, PayPal is now focusing on expanding its payment expertise, a source added.

Earlier this year, PayPal chief technology Officer Sri Shivananda said in an interview that the company wanted to "take a look at [blockchain] technology itself and how it can help us realize the idea of creating an open digital payment platform for everyone."Shivananda said he could not comment on any specific PayPal plans. "We firmly believe in the potential of blockchain. Money digitization is a matter of when, not if."Shivananda said.

The original address: https://www.coindesk.com/paypal-venmo-to-roll-out-crypto-buying-and-selling

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